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Congress should adopt mortgage interest tax credit: CHLA

Housing Wire

The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. The 2017 law also made interest from home equity loans non-deductible except for when the money is applied to home improvements or renovations.

Mortgage 496
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FHA finalizes updates to reverse mortgage debenture interest rates

Housing Wire

19, 2017, which went into effect later that year. 19, 2017,” FHA said in its announcement. The rule also reaffirms the interest rate used for the payment of debenture interest for HECM claims to align with the January 2017 rule. The updated rule builds upon several changes that FHA made to the HECM program on Jan.

Mortgage 458
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CFPB orders Fay Servicing to pay $2M over illegal foreclosure practices

Housing Wire

A CFPB order issued on Wednesday mentions violations of mortgage servicing laws and of a previous 2017 order that addresses the same issue. Fay Servicing “failed to implement the 2017 measures and continued to break the law,” the CFPB claims.

Law 430
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Biden nominates Alanna McCargo to be Ginnie Mae prez

Housing Wire

The position of GNMA president has notably sat vacant for close to five years, with Ted Tozer, the last permanent president, resigning in 2017. Michael Bright, interim president at Ginnie Mae from 2017 to 2019, said that McCargo is a great pick. Since then, the industry has been waiting with bated breath for someone to fill the role.

Finance 475
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Share of Active Homes For Sale Hits Post-Pandemic High

Appraisal Buzz

Although inventories remains below pre-pandemic levels, the difference between the levels in 2017–2019 and the current levels is decreasing. Nevertheless, it’s still more than a week (8 days) shorter than the average house spent in July from 2017 to 2019, even if it was listed for five extra days in July 2023. and 47.6%, respectively.

Inventory 418
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Rocket Companies CEO Jay Farner to retire

Housing Wire

“Since being appointed CEO of Rocket Mortgage in 2017, and subsequently CEO of Rocket Companies in connection with the August 2020 IPO, Jay has overseen the most rapid period of growth and profitability in our 37-year history,” Dan Gilbert, founder and chairman of Rocket, said in a statement.

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FHA proposes updates to reverse mortgage debenture interest rates

Housing Wire

The draft Mortgagee Letter (ML) “proposes updates to HUD’s calculations for the payment of debenture interest for HECM claims and establishes a process for retroactively adjusting the calculation of debenture interest for claims filed on HECMs that became due and payable on or after September 19, 2017,” FHA said in an announcement of the proposal.

Mortgage 428